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China has banned its banks from handling transactions involving the Bitcoin virtual currency.
The ban came in a notice issued by the People's Bank of China, financial watchdogs and the nation's IT ministry. Bitcoins were a "virtual good", had no legal status and should not be used as a currency, it said.
Sounds like normal market activity in reaction to government intervention(China banning use by banks etc).
Time will only tell if it is a true crash or simply a market cycle(free-markets have ups and downs).
I have every confidence in the system.
reply to post by Eryiedes
What gave you the warning that once the price crossed the devalued gold price to sell?
What the heck made the price rise so dramatically so quickly anyway?